The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan adopted rules for investing and valuing endowment fund (target capital) assets, including concentration limits, the list of permitted financial instruments, requirements for asset management by management companies (fiduciaries), and methodologies for calculating and determining net asset value and asset values. The measures implement Kazakhstan’s 30 June 2025 law on target capital funds and endowment funds, which предусматривает transferring a fund’s financial assets into trust management by a management company once they exceed 10,000 AEK while allowing the fund to set its investment strategy independently. The resolution introduces a 30% cap on aggregate investments (excluding cash) in financial instruments issued or offered by a single issuer and its affiliates; specifies eligible instruments including government securities, shares and bonds, bank deposits, investment funds, depositary receipts, foreign currency, securities of international organisations, principal protected notes and derivatives; and sets management rules covering compliance with the investment declaration, restrictions on purchasing default and problematic securities, and procedures to remedy asset-structure non-compliance. Asset valuation rules allow the use of data from KASE, AIX, Bloomberg, Reuters or independent valuers. The resolution entered into force on 31 August 2025.

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